The multi-faceted program was created to help registered investment
advisory (RIA) firms better understand the opportunity for and the value of
creating a diverse workforce, Schwab says. The program is designed to help
firms “build a culture of inclusion and more effectively attract, promote and
retain talent at their firms and be optimally positioned to thrive in a highly
competitive marketplace.”

A key component of the program is a new LinkedIn community,
created to provide a resource to help RIA firm leaders, employees and all
advocates of diversity connect with peers. The community will facilitate discussion
and sharing of strategies for building a culture of inclusion across the RIA and financial services industries. The community will be a hub for custom content including guest posts
from industry thought leaders, proprietary and third-party research, moderated
discussions and connections to educational programming.

“As the face of the investor changes, we believe greater
diversity will be critical in driving RIA growth and sustaining success for the
long term,” notes Neesha Hathi, a senior vice president who co-leads the
diversity effort at Schwab with Mary Rosai, senior vice president and head of
marketing for Schwab Advisor Services. “RIA firm growth will be driven by
assets that not only come from their existing client base, but increasingly
from a more diverse population. Advisers must be ready to meet the unique needs
of these individuals and their families.”

With a focus on gender, culture and generational diversity, Hathi
says the program will help RIAs “forge new ground and share best practices to
serve the evolving investor profile.” She adds that Schwab will conduct
innovative research and provide advisers with tangible, actionable insights and
solutions for effecting change in their firms.

Rosai says the firm will leverage guidance from its Women’s
Advisory Council to develop pathways firms can take to move towards
greater diversity. “We are now adding emphasis and additional structure to our
effort to help advisers better understand the business opportunity and to
cultivate female employees for leadership and ownership roles,” she adds. “Our
goal is to increase the number of women RIAs, which we believe will benefit
advisers and investors alike.”